In Tennessee, the high funeral costs and burial expenses can leave families with a significant financial burden. Fortunately, securing burial insurance ensures your family is financially supported and prepared to handle end-of-life expenses with dignity and ease.
This guide will help you understand burial insurance policies, the benefits they offer, and how Tennessee residents can find the right life insurance coverage for their families.
Speak to a local agent at The Legacy Group about Burial Insurance?
For a full deep dive to understanding burial insurance, go here.
What Is Burial Insurance?
Burial insurance, also referred to as final expense life insurance, is a specific type of life insurance designed to cover funeral costs, medical bills, and other burial expenses. These policies typically offer a smaller amount of coverage, ranging from $2,000 to $25,000, making them affordable and accessible for many families.
Features of Burial Insurance:
- No Medical Exam: Most policies are guaranteed issue, meaning no health questions or medical evaluations are required. However, some plans have health questions and the more health questions you can answer, the less you’ll pay for your policy.
- Permanent Coverage: Policies like whole life insurance remain active as long as premiums are paid.
- Cash Value: Some plans accumulate a small cash value, which can be accessed by the policyholder if needed.
- Quick Payout: The death benefit is typically paid out within days, helping families manage funeral expenses quickly.
Why Burial Insurance Matters in Tennessee
The funeral costs in Tennessee can range from $7,000 to $12,000 for traditional services, and cremation expenses can cost $3,000 to $6,000. Without a life insurance policy or savings in place, these expenses can create unexpected stress for your beneficiaries.
With a dedicated burial insurance policy, your loved ones can focus on honoring your memory rather than worrying about finances. It provides essential peace of mind during a challenging time.
Whole Life Insurance for Burial Expenses
One common type of policy for burial insurance is whole life insurance. This policy provides lifetime protection as long as the policyholder continues paying their premiums. It also includes a cash value feature, which allows savings to grow over time.
Benefits of Whole Life Insurance for Burial Expenses:
- Permanent Coverage: Your family is always protected.
- Cash Value Growth: Offers financial flexibility for unexpected needs.
- Guaranteed Acceptance: Often doesn’t require a medical exam or strict underwriting.
How to Choose the Right Burial Insurance Policy
When selecting a final expense insurance policy, it’s essential to consider your needs and work with experienced providers or an insurance agent.
Steps to Find the Best Burial Insurance in Tennessee:
- Determine the Amount of Coverage You Need
Calculate potential funeral costs, medical bills, and any other end-of-life expenses you want to cover. - Compare Policies
Look at different life insurance companies offering burial insurance policies. Consider whether you prefer a whole life policy, term life, or other type of life insurance. - Understand the Waiting Period (or if there is one)
Some policies include a waiting period (typically 2 years) before the full death benefit is available. - Review Premiums
Ensure the premiums are affordable and fit within your budget. - Consult an Insurance Agent
An experienced insurance agency can guide you through the options and help you find a policy that meets your family’s needs.
Speak to a local agent at The Legacy Group about Burial Insurance?
Top Life Insurance Companies for Burial Insurance in Tennessee
Many reputable life insurance companies offer burial insurance in Tennessee. Below are some trusted providers:
Mutual of Omaha
- Best For: Affordable premiums and fast payouts.
- Features: No medical exam required for most policies, and competitive insurance coverage options.
- Consideration: They do not have a guaranteed issue product that brokers can write, so depending on the state of your health, you may need to contact them directly. We suggest talking to a broker first to see what you’re qualified for.
State Farm
- Best For: Comprehensive customer service and customizable policies.
- Features: Offers whole life insurance with a cash value component.
- Consideration: State Farm agents are captive, so they cannot quote other burial insurance options besides their own policy.
New York Life
- Best For: Financial stability and flexible policy terms.
- Features: Provides options for both term life and whole life insurance.
- Consideration: New York Life agents are also captive, so they cannot quote other burial insurance options besides their own policy.
Other Good Burial Insurance Companies
Here are some other great companies that don’t have the same name recognition as those I listed above, but are financially stable, great solutions I would highly consider you look at.
- American Amicable
- American Home Life
- Aetna
- Royal Neighbors of America
- Prosperity Life
Tennessee Cities and Communities We Serve
We proudly serve families across Tennessee, including:
Major Cities:
- Nashville: Covering surrounding areas like Franklin and Brentwood.
- Memphis: Serving nearby communities like Germantown and Collierville.
- Knoxville: Supporting families in Maryville and Oak Ridge.
- Chattanooga: Including Cleveland and Hixson.
Smaller Communities:
- Jackson: Serving Humboldt and Lexington.
- Clarksville: Covering nearby towns such as Dover and Springfield.
- Murfreesboro: Supporting communities like Smyrna and La Vergne.
FAQs About Burial Insurance
What is the difference between burial insurance and traditional life insurance?
Burial insurance is a specific type of life insurance that focuses on smaller amounts of coverage for funeral expenses, while traditional life insurance offers larger payouts for income replacement or long-term financial needs.
Can I qualify for burial insurance if I have health issues?
Yes! Many burial insurance policies are guaranteed issue, meaning they do not require a medical exam or answers to health questions.
As I stated earlier, the more health questions you can answer, the lower your premiums will be, so definitely don’t skip the health questions if you don’t have to.
How quickly is the death benefit paid?
Most life insurance companies pay the death benefit to your beneficiaries within a few days of filing a claim, however, there are instances where delays can occur depending on when the death occurs in relationship to the effective date of the policy.
Why Choose Us for Burial Insurance in Tennessee?
We understand it deeply and have been helping our customers for nearly 15 years.
With years of experience, we specialize in helping Tennessee residents find the right type of coverage to protect their families. From Nashville to small communities like Jackson, we’re here to guide you through the process.
How We Help:
- Provide free quotes for affordable life insurance policies. We’ll shop and recommend the best solution for you.
- Offer personalized assistance to find the best final expense life insurance.
- Connect you with trusted, local funeral homes across Tennessee for seamless planning if that is something you need.
Plan Ahead and Protect Your Loved Ones
No matter where you live in Tennessee, securing burial insurance is an important step to protect your family from unexpected funeral expenses.
Whether you’re in Memphis, Knoxville, or a smaller town like Murfreesboro, having the right life insurance policy gives you and your family lasting peace of mind.
Contact us today for a free quote and let us help you find the perfect plan to secure your family’s future.
Speak to a local agent at The Legacy Group about Burial Insurance?